How to Choose the Best High Risk Payment Gateway for Your Business

High-risk businesses who are unable to obtain a payment gateway through their bank or a traditional payment processor are often left searching for an alternative way to process credit card payments. While searching for the right payment gateway, high-risk merchants are likely to find that there are a variety of processing options for high-risk merchants including payment processing companies that exclusively work with high-risk merchants, as well as payment aggregators and hardware that will enable merchants to accept credit card payments on their smartphone or tablet.

With so many options, it can be hard to choose which payment gateway is the best. Below, we’ll review some of the most important features to look for in a high-risk payment gateway so that you can choose the best processing option for your business.

Look for a Payment Gateway that Accepts More Than Just Credit Cards

While it’s important to accept credit cards from your customers, those who don’t have a credit card or simply don’t want to use their credit card may find themselves unwilling to spend money if they’re not able to pay in other ways. By ensuring that your payment gateway allows you to accept several major credit cards, as well as debit cards and mobile payments, you’ll be able to avoid turning away paying customers who are hoping to use alternative payment methods.

Of course, the type of payments you choose to accept may depend on whether you’re selling online or in person. For merchants who sell online, accepting payments via ACH or Check 21 is a great way to provide customers with other options. For those who sell in a physical store, integrating a mobile payment option that allows customers to pay for their goods or services using Apple Pay or Samsung Pay can be highly beneficial to both you and your customers.

Make Sure the Payment Gateway You Choose is Designed to Protect Your Business’s Best Interests

There are several features that some high-risk payment gateways include that exist to protect you, the merchant, against fraud and other detrimental transactions and situations. The best payment gateways are fully integrated with anti-fraud software, while the payment processing companies that offer them offer all-inclusive accounts that protect merchants from account closures that are the result of high-chargeback ratios. Some of these features may include chargeback alerts and multi-bank processing, which is the act of using several supporting banks to alternate transactions across in order to keep chargeback ratios low.

Look for a Company That Processes Transactions at a Reasonable Rate

Because payment processors take on excessive risk by processing payments for high-risk merchants, you might find that the fees associated with some payment gateways are higher than you expect. Although it might seem like a necessary easy, the fact of the matter is that it isn’t. Processing companies all charge their fees differently, so it’s best to shop around and do some research before committing to unreasonably high rates.

Find a Company That Offers Round-the-Clock Support

For many merchants, especially those who sell online, business doesn’t stop when the work-day ends. That’s why it’s crucial to find a company that offers 24/7 merchant support services. Merchant services can help you to detect fraudulent transactions or further investigate those which you think might be, as well as help you to get your terminal up and running again in the event of an outage.

The Takeaway

The best payment gateways are those that are offered by companies that offer a full range of merchant services, including fraud protection, chargeback alerts, fair fees and 24/7 merchant support. To inquire more about how PayDiverse meets these needs for high-risk merchants, contact us today.